The field of competitors in a four-way contest to run a shareholder class action against Downer EDI over a $40 million profit overstatement has narrowed with the consolidation of three cases, leaving one firm to face criticism over its comparative inexperience running group proceedings.
Commonwealth Bank and other lenders of Arrium have filed for special leave to appeal to the High Court after losing their latest bid to make two directors liable for allegedly misleading them about loan drawdown notices ahead of the steel company’s $2.8 billion collapse.
The applicants in competing class actions against Downer EDI have set out their proposals for the courts overseeing the cases, with two calling for orders staying the proceedings of their rivals, and another seeking consolidation.
Commonwealth Bank and other lenders of failed steel giant Arrium have lost a second attempt to put two of the company’s directors on the hook for alleged misleading representations on loan drawdown notices ahead of its $2.8 billion collapse.
Insurer Atradius has lost its bid to bring a $1.5 billion (US$1 billion) case against four KordaMentha liquidators and 60 financiers of the Arrium group alleging they failed to act under a duty of utmost good faith when agreeing on how to divvy up sale proceeds for several entities.
Damages for reduction in value under the Australian Consumer Law are at the centre of competing special leave applications to the High Court filed by Toyota and the lead applicant in a class action over defective diesel filters.
An appeals court has partially sided with Toyota in a challenge to the damages bill assessed by a judge in a class action over defective diesel filters, saying the reduction in value of affected cars should be assessed at 10 per cent, not 17.5 per cent, of the price paid by motorists.
Lawyerly’s Litigation Law Firms of 2022 racked up precedent-setting victories in a year that continued to see major developments in class action law.
A law firm has questioned an “innovative” funding model proposed by its rival in a contest to run a class action against Jaguar Land Rover over allegedly defective diesel filters in its vehicles.
An investor class action against RCR Tomlinson has reached a walk-away settlement agreement with two former directors of the failed engineering company.